Do you know which 990 series return to file for the 2018 tax year? To maintain your 501(c)(3) tax-exempt status the IRS requires you to file an annual tax report. There are different variations of IRS Form 990 based on your nonprofits size and financial situation. If you are unsure about which form applies here is what you need to know about Form 990 for 2018 filing thresholds.
You Need To Know About Form 990 For 2018 Filing Thresholds
Form 990, the nonprofit tax return, is required by all tax-exemption organizations, excluding certain churches and government-affiliated organization. The Internal Revenue Service (IRS) uses Form 990 as their primary tool for gathering needed information about your organization and ensuring your compliance.
IRS Form 990 is also used by organizations to inform the public about financial information and programs. Most states use Form 990s to perform charitable and regulatory oversight and to approve exemptions for state income tax.
What is Form 990?
IRS Form 990, annual Return of Organization Exempt From Income Tax, is the annual financial and informational return filed by all tax-exempt nonprofit and charitable organizations.
Your tax-exempt organization will need to file Form 990 if it’s gross receipts are greater than $200,000 and your total assets (art, historical pieces, etc.) are greater than $500,000.
What is Form 990-EZ?
Form 990-EZ is used by small-medium tax-exempt organizations as their annual information return. If your charitable organization’s gross receipts were less than $200,000, and your total assets are less than $500,000 you will need to file Form 990-EZ.
What is Form 990-N?
If your organization’s gross receipts for the previous fiscal year were less than $50,000, then this form is for you. This one is actually very different from the other types and is referred to as an e-Postcard.
What is Form 990-PF?
Form 990-PF, Return of Private Foundation, is the annual information return filed annually to the IRS by tax-exempt private foundations. This form is used to report charitable distributions and organization activities.
When is Form 990 Due?
Your nonprofit tax return is due on the 15th day of the 5th month following the end of your organization’s taxable year. If your organization’s fiscal year follows the calendar year your Form 990 will be due May 15, 2018.
Where To File Form 990?
TaxBandits cloud-based software gives you access to your account from anywhere. The filing process consists of a simplified, step-by-step interview-style process without the complicated IRS terminology. At TaxBandits we take pride in providing tax-exempt organizations a safe, secure, and efficient e-filing process that will save you time and money.
If you have questions or concerns, please contact our experienced team of experts located in historic Rock Hill, SC, we are available by phone, live chat, and email in both English and Spanish for your convenience.
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